On Monday, President Joe Biden and his wife, Jill, revealed tax returns revealing that their income grew 7% to $619,976 in 2023 and that they paid 23.7% in federal taxes.
Biden published the data on the day U.S. taxes for the previous year are due and as he seeks re-election in 2024. Donald Trump, his Republican opponent, said he could not reveal his federal tax returns because he was being audited by the IRS, even though the agency said he could.
Trump objected to a 2022 Democratic House committee releasing his 2015–2020 redacted returns. Trump appeared in a New York courthouse on Monday for a historic criminal trial, one of several legal problems involving his personal finances.
In a statement, the White House said President Biden thinks that all Oval Office occupants should be transparent and honest with the American people and that the established tradition of annually publishing presidential tax returns should continue.
Trump said on social media on Monday that tax cuts passed during his presidency helped American households. He added “colossal” tax increases would result from Biden "getting his way". No 2023 tax filing information was provided.
Biden and his wife made four-fifths of their income as U.S. president and Northern Virginia Community College teacher. Joe Biden made $400,000, while Jill earned $85,985 teaching English at Northern Virginia Community College.
Income came from investment interest, pensions, and a corporation that collects the couple's book royalties. The tax return shows that interest on one of the couple's bank accounts drove much of the income growth from 2022.
Biden donated $20,477 to charity, 3.3% of their income, to churches and public health institutions like the Epilepsy Foundation and the Fraternal Order of Police, according to the president's return. In 2023, Vice President Kamala Harris and her husband, Douglas Emhoff, reported $450,380 income, $88,570 federal taxes, and $23,026 charity gifts.
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